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fflRmCRS £DUDflTI0i1flL flHD COOP€RflTlV€ UOIOD 3 5 0 1 EAST 46th AVENUE, DENVER, COLORADO OFFICE OF THE PRESIDENT July 30, 1948 AIR MAIL Hon. Marriner Eccles Federal Reserve Board Washington, D. C. Bear Mr. Eccles: I noticed i n the press that you were t e s t i f y ing yesterday on the economic s i t u a t i o n i n the B&ited States. I would l i k e very such to have a copy of your testimony, and also a copy of the transc r i p t of the record as soon as i t i s a v a i l a b l e . From the press r e p o r t , I take i t that you f e e l that we have gone so f a r that nothing but a major crash i s possible. I would very much appreciate any comments you would care to make to me personally, and i f you want them treated as c o n f i d e n t i a l , I c e r t a i n l y w i l l t r e a t them i n that fashion. I t has been a long time since I have had a good v i s i t w i t h you, hut I^secttnpe to admire your f o r t h r i g h t stand on iar Kindest perso PATTON President NATIONAL FARMERS UNION August 18, 1948. Dear Jim: 1 have delayed replying to your letter of July 30 awaiting the printing of the transcript of m y testimony before the Senate banking and Currency Committee. It has just arrived and I take pleasure in sending you a copy as yourequested. I did not have time to prepare any statement in advance. m y testimony was off the cuff. I sought to point out that w have gone so e far that I can see no possibility of avoiding s m deo e gree of corrective deflation in the end* which means of course unemployment and reduced production. But I also ssLid that its severity could be moderated by appropriate Government action so that there is no reason why w e should have a major crash. I appreciate your generous personal references and trust I will have an opportunity to see you e when you have occasion to be in town. Let m take this opportunity to reciprocate your kind personal regards and best wishes. Sincerely yours, Mr. James G. Patton, President, National Farmers Union, 3501 last 4 6 t h Avenue, Denver, Colorado. Enclosure ET:b
